New research from bluQube has indicated a rising trend in the adoption of artificial intelligence (AI) within the accountancy sector, with over two-fifths (44%) of UK small and medium-sized enterprises (SMEs) planning to incorporate AI into their finance and accounting operations.
The report, titled "Balancing the Human Touch in the Age of AI," has been published by bluQube, based on a survey of senior directors from medium and large UK SMEs spanning various business sectors. These findings reveal an increasing enthusiasm for AI among senior British business directors.
The report highlights a year-on-year increase in trust towards AI in finance functions. Almost two-thirds (65%) of business leaders now trust AI to manage finance tasks, marking a 3% rise compared to last year. This contrasts with only 32% of respondents in 2023 who believed that finance and accounting would be significantly transformed by AI.
Previous research by bluQube showed that in 2023, respondents entrusted AI the most in marketing and production functions, with 64% identifying these areas as the most suitable for AI integration. However, the latest report positions finance and accounting at the forefront, as the business function most trusted to AI.
Rob Swan, Operations Director at bluQube, reflected on the shift in attitudes: "Last year we produced a report on AI, right as the adoption of ChatGPT surged. Some hesitancy was clear throughout the research, largely down to the limited understanding some businesses had. However, one area that did stand out was finance and accounting."
According to the survey, respondents emphasised several benefits they associate with AI in the finance sector. Leading these benefits is the anticipation that AI can handle many repetitive and administrative tasks (42%). Additionally, respondents believe AI will enable finance professionals to undertake more strategic roles (35%) and assume more advisory or client-facing responsibilities (31%). These sentiments have persisted into this year, with an even higher number of businesses showing readiness to integrate AI into their financial processes.
The inclination towards AI in finance and accounting is particularly pronounced in larger businesses. The report notes that almost three in five (58%) businesses with a turnover between GBP £10 million and GBP £20 million, and 58% of those with turnovers ranging from GBP £20 million to GBP £50 million, are planning to implement AI in these functions.
Rob Swan elaborated on the trend, stating, "Perhaps this growing trust and acceptance of the technology is due to a growth in awareness. Or maybe, businesses are starting to see the benefits and are becoming more confident in its proficiency. Either way, it's great to see more businesses embracing AI and its potential efficiencies. As it continues to advance, AI is certainly here to stay and the businesses that lose out will be those that don't embrace it and adapt."
